|
Payroll and Benefits Accrual - FY 2004
The biweekly payroll calendar for June and July 2004 presents us with the following situation:
| Pay Period Start Date |
Pay Period End Date |
Check and Direct Deposit Date |
Month and Fiscal Year of Payroll Days |
| May 27 |
June 9 |
June 17 |
June 2004 (FY04) |
| June 10 |
June 23 |
July 1 |
June 2004 (FY04) |
| June 24 |
July 7 |
July 15 |
7 days-June 2004
(FY04)
7 days-July 2004
(FY05) |
In previous years, we have accrued the last few days of the biweekly payroll into the appropriate fiscal year. However, the amount accrued in the last seven days of June will not be material to the university's financial statements. Therefore, we will not record these days as an expense of fiscal year 2004. Instead, the full pay period from June 24 through July 7 will be posted as an expense to fiscal year 2005. To say it differently, there will be no payroll accrual at June 30, 2004 for the biweekly payroll and employee benefits.
Units that post a monthly accrual may use their monthly procedures to post an accrual for the seven days at June 30. We recommend that other units (that do not commonly post an accrual) just allow the seven days to post as an expense of the next fiscal year.
For additional information please contact accounting at uco-genacct@cornell.edu
|
